When probate is granted the deceased's chosen executor or the court-appointed administrator begins the process of paying off debts and distributing assets, according to FindLaw. If there is property not directly bequeathed to anyone, it is sold, and the funds become part of the estate.Continue Reading
During the probate process the court officially appoints an executor or administrator for the will. If the decedent died without a will, the court chooses and appoints an administrator. If the decedent had a will in place, the court names the individual designated as executor, according to Bay Financial Associates.
After that appointment the executor or administrator has the responsibility of making sure all debts and taxes are promptly paid by the estate and that all assets are distributed to the named beneficiaries. Before probate is granted the individual who is chosen as executor or administrator has an opportunity to decline the appointment if he wants, indicates FindLaw.
During the probate process the named executor or administrator needs to open up a checking account to be used exclusively for the estate. Estate money and personal money cannot be mixed. Additionally the executor or administrator needs to continue to make payments on any accounts that must remain open until the estate's dissolution is final.Learn more about Law
A will does not have to go through probate unless there is a transfer of assets by the person who wrote the will, notes Legal Zoom. Some states allow small estates to go through simplified versions of probate.Full Answer >
Individuals applying for probate in New York fill out most probate forms by providing the name of the deceased, the beneficiaries, the assets and their value, says Legal Zoom. Probate forms and the process varies from state to state, says Legal Match.Full Answer >
To compile an inventory of assets for probate purposes, obtain a copy of the probate inventory form; list the real property and personal property assets; and provide bank accounts, debts and nonprobate assets, according to Legal Zoom. Filing a duly filled form with the state probate court completes this process.Full Answer >
The executor of a will is responsible for managing the deceased person's assets until the debts have been paid and funds dispersed according to the terms of the will, according to Nolo. In most cases, the executor must see a probate judge before funds can be dispersed.Full Answer >